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Individuals with Forex training may be puzzled as to why the UK money continued to do well against its stateside counterpart, as the FTSE 100 gave a lacklustre performance in this morning's session.
One currency expert commented: "There is no real trend to speak of, but more people were willing to buy up the pound," reveals Reuters.
Sterling did not give such a good showing against the euro, as it lost earlier gains to trade flat at 83.47p.
More government bond auctions helped the performance of the European single currency, as head of FX strategy at ING Chris Turner noted: "This summer has seen an uneasy calm fall over the eurozone story, but one that could shatter relatively easily."
The reason for strong sterling performance yesterday was more evident, as better-than-expected UK unemployment data buoyed hopes of firm economic recovery.
Posted by Clive Arneil
